I'd add "Panic" to the list of choices of course...
Every homeowner must adjust to the new realities in real estate. How to think through your three options.
Signs are a-popping that the era of explosive home-price gains is kaput for at least the next few years.
In the past four months, the median asking price has fallen 5 percent or more in Boston, Cleveland, Los Angeles, Miami, Phoenix and Washington, D.C., reports blogger Ben Engebreth's Housing Tracker Web site, which compiles weekly data on 49 cities.
Across the United States, the number of existing homes sold fell 1.7 percent in November, while the supply of homes continued to tick higher.
Real estate agents in formerly redhot markets like San Diego and Boston say that open houses are getting little traffic.
"At the height of the frenzy, properties sold after one to three days on the market, with multiple offers," says ReMax realtor Mary Kaljian, whose Los Banos office is 75 miles southeast of San Jose. "Now we are looking at six to eight weeks -- or longer. It's becoming a buyer's market."
January 22, 2006
Posted by blogger at 1/22/2006